December 28, 2017

How Property Managers Can Prepare for 2018

The end of the year is upon us. In just a few days, we’ll ring in 2018 and celebrate a New Year. As we say goodbye to 2017, and await 2018, there is no better time than in the coming weeks for property managers to prepare for the year ahead.

A few simple actions can help set up the year for success, so that property professionals can achieve their personal and professional goals.

Conduct a Debrief of 2017

Just like the debrief on any project, looking back and reflecting on 2017 offers some excellent learning moments. Whether you do this as a group activity with your team, or to review your own professional highs and lows, take some uninterrupted time to review the past 12 months.

Firstly, what went well? What victories can you celebrate? What were the factors that contributed to these successes? Then, take a look at the projects or areas of work that weren’t so great. How can those be improved?

This review will provide vital insights and clues into where you can have had the most impact, and what needs to change so you can focus on the areas of your property management business that really matter.

Break it Down

Lofty goals are admirable, but unless they are cascaded down to weekly – and even everyday actions – they can also be elusive. So, in addition to creating year-ahead planning goals, like “a 10% increase in tenant retention rates,” as the larger objective, break down the activities and success milestones on a quarterly, monthly and weekly basis.

Getting to your big, awesome goal is not a huge one-time event. You need to have a deep understanding of all the little things you do every day to get to the goal you want to hit.

You can use a digital planner, white board or good old pen and paper. However, if you are working on team goals, make sure you are using a tool that everyone can see and update. It will help build both teamwork and accountability.

Get A Clearer Vision of Your Blind Spots

Every organization, team and leader has them. A blind spot means a lack of awareness about your weaknesses, and often it boils down to accepting habits, policies and processes as a given, without questioning how things might be done better. These “derailers” can quickly send your project or your goals off the tracks.

In short, it’s a potent poisonous mix of risk and a lack of innovation. There are a few ways to tackle this head-on:

Get 360-feedback from superiors and subordinates. This helps all property managers to open their eyes and become more self-aware of the way they lead.

Get input from your frontline employees, suppliers, contractors and vendors. These are people who have their eyes, ears and hands on your business every day.

Ask your residents. Send out a once a year (better yet – a twice a year) survey asking your tenants how your organization can improve.

Spend time every month brainstorming with your team about industry trends or customer expectations. Challenge the way you do something – your leasing process, your renewal strategy, etc., Is it the most efficient, effective way you can lead your business?

If you’re a landlord, property management firm or enterprise REIT, PropertyVista has the web-based property management solutions to improve your bottom line in 2018. For more information about how you can prepare for the future of property management, in 2017 and beyond, sign up for your free account todayor give us a call.

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